H.R. 6333House116th Congress (2019-2021)In Committee

To establish a Small Business Financial Assistance Program to support small businesses during the COVID-19 emergency, and for other purposes.

Introduced March 23, 2020

AI-Generated Summary

Updated April 14, 2026 at 11:39 AM UTC

H.R. 6333 creates a Treasury‑run program to give small businesses zero‑interest loans or loan guarantees during the COVID‑19 emergency. It simplifies the application process, provides an upfront cash advance based on January 2020 revenue, and forgives remaining debt if the business retains its workforce for a year. The program is funded with $50 billion from the Exchange Stabilization Fund.

Key Provisions

  • The Treasury Secretary must set up a Small Business Financial Assistance Program that offers loans and loan guarantees to qualifying small businesses.
  • Applications must be simple and underwriting standards clear and easy to understand.
  • Loans or guarantees are zero‑interest as long as the business does not involuntarily fire any employee during the COVID‑19 emergency.
  • Businesses can request an advance equal to their total revenue for January 2020; the Treasury has one week to assess the request and must deposit the advance if not denied, with the rest of the funds paid within four weeks.
  • If a business keeps at least the same number of full‑time employees one year after applying, any remaining loan principal and interest are forgiven.
  • The program is funded with $50 billion from the Exchange Stabilization Fund, without needing a new appropriation.
  • The bill defines the COVID‑19 emergency period (starting March 13 2020) and what counts as a “small business,” including small business concerns, family farms, and independent contractors.

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action
HouseIntro Referral Latest Action

Referred to the Committee on Small Business, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

March 23, 2020

View full timeline
HouseIntro Referral

Introduced in House

March 23, 2020

HouseIntro Referral

Referred to the Committee on Small Business, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

March 23, 2020

Floor Debate

11 members

What members said about H.R. 6333 on the floor

11 Republicans
Mark Walker
Rep. Mark WalkerR-NC-6 · Feb 7, 2019

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and introduce extraneous material into the Record on the topic of this Special Order.…

Michael C. Burgess
Rep. Michael C. BurgessR-TX-26 · Feb 7, 2019

Mr. Speaker, I thank the gentleman from North Carolina for yielding. Let me just say, I spent the last several hours in a hearing in the Energy and Commerce Committee, a hearing called by the…

Chip Roy
Rep. Chip RoyR-TX-21 · Feb 7, 2019

Mr. Speaker, I thank the gentleman from North Carolina for yielding time, and I thank him for his leadership on this important issue. We are here because we are discussing the importance of border…

Earl L. "Buddy" Carter
Rep. Earl L. "Buddy" CarterR-GA-1 · Feb 7, 2019

Mr. Speaker, I thank the gentleman for yielding. Mr. Speaker, I rise today to discuss an important topic to our Nation's homeland security, the crisis at our southern border. And it is, indeed, a…

J. French Hill
Rep. J. French HillR-AR-2 · Feb 7, 2019

Mr. Speaker, I thank my friend from North Carolina and appreciate his distinguished service on behalf of the citizens of North Carolina, his leadership of our Republican Study Committee in the last…

Show 6 more
Andy Biggs
Rep. Andy BiggsR-AZ-5 · Feb 7, 2019

Mr. Speaker, I thank Congressman Walker for holding this Special Order. Mr. Speaker, I want you to know I continue to be astonished that our Democratic Members--our colleagues--turned a blind eye to…

Brad R. Wenstrup
Rep. Brad R. WenstrupR-OH-2 · Feb 7, 2019

Mr. Speaker, I thank Mr. Walker for yielding me the time. Mr. Speaker, I rise to support the security and the safety of all our fellow Americans. The fact of the matter is that border security isn't…

Jodey C. Arrington
Rep. Jodey C. ArringtonR-TX-19 · Feb 7, 2019

Mr. Speaker, I thank the gentleman from North Carolina, Representative Walker, for his service and his leadership, not just to this body, but myself personally. He is a spiritual leader and mentor…

Kevin Hern
Rep. Kevin HernR-OK-1 · Feb 7, 2019

Mr. Speaker, my constituents have been calling the office in overwhelming numbers. They tell me to stand with our President to get the funding our Customs and Border agents have asked for. I got a…

Rick W. Allen
Rep. Rick W. AllenR-GA-12 · Feb 7, 2019

Mr. Speaker, I thank Congressman Walker for his work here today and telling the story. We have heard so many stories about people who have been affected by this problem at our southern border. My…

Greg Pence
Rep. Greg PenceR-IN-6 · Feb 7, 2019

Mr. Speaker, I rise today to urge this body to act on the national crisis that currently exists along our southern border. This crisis plays itself out not only in the border towns of California,…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in HouseIssued March 23, 2020

I

116th CONGRESS

2d Session

H. R. 6333

IN THE HOUSE OF REPRESENTATIVES

March 23, 2020

Mrs. Beatty introduced the following bill; which was referred to the Committee on Small Business, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To establish a Small Business Financial Assistance Program to support small businesses during the COVID–19 emergency, and for other purposes.

1.

Small Business Financial Assistance Program

(a)

In general

The Secretary of the Treasury shall establish a Small Business Financial Assistance Program under which the Secretary shall provide loans and loan guarantees to small businesses.

(b)

Application

In making loans and loan guarantees under this section, the Secretary shall—

(1)

provide a simple application process for borrowers; and

(2)

establish clear and easy to understand underwriting standards for such loans.

(c)

Zero-Interest loans

Loans made by or guaranteed by the Secretary under this section shall be zero-interest loans, if the small business receiving such loan does not involuntarily terminate any employee of the small business during the COVID–19 emergency.

(d)

Advance

(1)

In general

Upon request from an applicant for a loan under this section, the Secretary may provide to such applicant an advance, in cash, to such applicant.

(2)

Amount

An advance provided under paragraph (1) shall be in an amount equal to the revenue of the applicant for the period beginning January 1, 2020, and ending January 31, 2020.

(3)

Procedures

(A)

Review

The Secretary shall have 1 week from the receipt of a request for an advance under paragraph (1) to conduct a risk assessment of the applicant to determine whether to approve or deny such request.

(B)

Approval

If the Secretary does not deny a request under subparagraph (A), the advance shall be directly deposited into the account identified by the applicant.

(C)

Remaining funds

Not later than 4 weeks after approving a request of an applicant under subparagraph (A), the Secretary shall disburse the remaining funds to such applicant.

(e)

Forgiveness

If a small business that receives a loan or loan guarantee under this section demonstrates to the Secretary that the number of full-time employees of such small business on the date such small business submitted an application under this section is greater than or equal to the number of full-time employees of such small business on the date that is 1 year after the date of such submission, the Secretary shall forgive the remaining outstanding principal and interest on such loan or loan guarantee.

(f)

Funding

The Secretary shall use $50,000,000,000 from the Exchange Stabilization Fund, without further appropriation, to carry out this section.

(g)

Definitions

In this section:

(1)

COVID–19 emergency

The term COVID–19 emergency means the period that—

(A)

begins on the declaration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic; and

(B)

ends on the termination by the Federal Emergency Management Agency of such emergency.

(2)

Small business

The term small business means—

(A)

a small business concern (as defined under section 3 of the Small Business Act (15 U.S.C. 632);

(B)

a family farm; and

(C)

an independent contractor.